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Western Digital (WDC) shares tanked on Oct. 2 after rival Toshiba (TSHTY) announced plans for a major capacity expansion to double its nearline hard disk drive (HDD) output for artificial intelligence (AI) data centers. As investors bailed on WDC, it crashed through its 20-day moving average (MA) this morning, indicating downward momentum could continue in the near term.
The news adds to pressure on Western Digital stock, which has already fallen out of favor with investors, currently down nearly 45% versus its year-to-date high.
